I can see how an application fee per person can be a deterrent for applicants in my case whether for more upscale rentals people may see it as more normal.I am starting off as a non-refundable fee and measure the resistance, then adjust if needed.

I meant that I spent so much time talking with a hard money lender, that I missed the opportunity to meet other people at the meet up. 

I am looking for advice from people who have done this in the past.

I manage my own portfolio and have worked as a PM for a very successful individual but have never considered managing other peoples properties.

There's no step by step guide but there are key things : Learn: RE strategies, what interests you, what do people in your area need.Connect: find a mentor, accountability group and be around those doing what you want to do.Help: solve problems- do people need dealflow, property mgmt, construction expertise, etc. 

Overall i am pretty sure that you and I are in agreement - people usually underestimate the expenses, so it is always good to err on the side of having more reserve.

Communication is easy people.

(Ok I get it that its 2024 and people smoke weed).

A4: If you pay as “friends and family” – then yes, need 1099s.Q5: I only need to send 1099s to people, not to LLCs, right?

I think we offer an awesome service, but we can't control what people do.